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Vneshtorgbank to hold IPO on LSE
RBC, 04.10.2006, Moscow 18:29:58.Vneshtorgbank (VTB) is planning to hold an IPO on the London Stock Exchange in 2007, the bank's CEO Andrei Kostin said today. "An IPO is an important step in the transition from a purely state-owned bank to a bank with mixed ownership", he added. Andrei Kostin said that the bank's assets and capitalization had grown ten times over the past five years. VTB now has 16 subsidiaries abroad - in Western Europe, Asia and the CIS. The bank intends to open subsidiaries in China, India and Vietnam in the near future. Also, VTB is planning to make the list of the world's 50 leading banks in the next three years. The bank's CEO added that VTB was planning to make direct investment in the European financial sector through a fully-fledged VTB subsidiary based on the Moscow Narodny Bank, which is to be renamed VTB Europe in the near future. Kostin stressed that Western Europe is one of the most difficult markets for banks. He also noted that the acquisition of a 5-percent stake in EADS by Vneshtorgbank had been viewed positively.
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